Control4 Acquires Triad Speakers, a Pioneer in High-End Audio Technology and Speaker Design
February 28 2017 - 6:30AM
Business Wire
Acquisition brings Control4 industry-leading
acoustics expertise and a full line of premium audio-speaker
solutions
Control4 Corporation (NASDAQ: CTRL), a leading global provider
of smart home solutions, today announced the acquisition of Triad
Speakers, Inc., a leader in advanced audio technology with
best-in-class, customizable speaker-solutions.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170228005363/en/
Martin Plaehn, Chairman and Chief
Executive Officer, Control4 (Photo: Business Wire)
“Entertainment is integral to the connected home and our
Control4 dealers are designing end-to-end experiences for family
room entertainment, home theaters, and indoor and outdoor
multi-room music for their customers,” said Martin Plaehn, Control4
Chairman and CEO. “The acquisition of Triad brings proven
premium-acoustics experience and innovation to our company,
enabling us to immediately deepen our entertainment offering and
develop new integrated-audio experiences for the future.”
Triad’s 30-year heritage of delivering exceptional audio
solutions is rooted in its unwavering attention to audio design and
detail, its uncompromising focus on the quality of the listening
experience, and the specialty customization of its products. Triad
manufactures a comprehensive range of high-quality, built-to-order
premium audio speakers to meet the discerning demands of homeowners
– for home theaters, family rooms, whole-home or multi-room audio,
as well as for outdoor environments. The company’s focus on elegant
design integration has been delivering customized audio experiences
that feature beautiful sound while enhancing a home’s décor. The
acquisition of Triad is a strategic addition to the Control4
entertainment portfolio, which includes the fully programmable
Control4® EA-series controllers with native high-resolution
streaming music services, its family of multi-room audio matrix
switches and amplifiers, and its family of ultra-HD 4K video matrix
switches with audio down-mixing capabilities.
“At Triad, high-quality audio, custom design, and seamless
integration have been the standards that we will continue
delivering to our dealers and their end customers,” said Larry
Pexton, founder and CEO of Triad. “Becoming part of the Control4
family enables us to expose our engineering expertise to those
homeowners in the broader market of home automation and
entertainment who are passionate about their listening
experience.”
Effective immediately, all Triad dealers in North America are
now able – for the first time – to place their product orders and
customization requests via a brand new online dealer portal.
Control4 and Pakedge dealers may also order Triad solutions online,
starting today. In the coming weeks, the Triad dealer portal will
also include technical training information and additional
marketing resources.
Nearly the entire Triad team will be joining Control4, including
founder Larry Pexton, as well as the Triad’s R&D,
manufacturing, and custom-services employees, all of whom will
continue operating from Triad’s existing facility in Portland,
Oregon.
Total consideration for the acquisition of Triad consisted of
$9.6 million in cash. Triad generated approximately $9 million
in revenue in 2016. Control4 plans to invest in the operations of
the business during 2017 in order to push adoption of these
products through its larger sales channels. As a result, Control4
anticipates that the acquisition will be net income neutral in
2017, after adjusting for acquisition related
expenses. Control4 will provide guidance for the second
quarter and update its annual guidance to include the operations of
Triad at its next earnings call.
About Control4Control4 [NASDAQ:
CTRL] is a leading global provider of automation and networking
systems for homes and businesses, offering personalized control of
lighting, music, video, comfort, security, communications, and more
into a unified smart-home system that enhances the daily lives of
its consumers. Control4 unlocks the potential of connected devices,
making networks more robust, entertainment systems easier to use,
homes more comfortable and energy efficient, and families more
secure. Today, every home and business needs automation horsepower
and a high-performance network to manage the increasing number of
connected devices. The Control4 platform interoperates with more
than 10,000 third-party consumer electronics products, ensuring
that an ever-expanding ecosystem of devices will work together.
Leveraging a distribution channel that includes over 3,900 custom
integrators, retailers, and distributors in 91 countries that are
authorized to sell the full-line of Control4 products, with over
1,100 additional dealers and distributors that are authorized to
sell our Pakedge-branded networking solutions only, Control4 is
delivering intelligent solutions for consumers, major consumer
electronics companies, hotels, and businesses around the world.
Forward Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to,
statements regarding Control4’s acquisition of Triad, its planned
investments in the Triad business, the anticipated adoption of the
Triad products by its dealers and distributors, as well as any
possible future product integration and resulting improvement in
the Company’s financial outlook. All statements other than
statements of historical fact contained in this press release are
forward-looking statements. These forward-looking statements are
made as of the date they were first issued, and were based on the
then-current expectations, estimates, forecasts, and projections,
as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Control4’s control. Control4’s actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited
to, risks detailed in Control4’s most recent Annual Report on Form
10-K and subsequent reports filed with the Securities and Exchange
Commission, as well as other documents that may be filed by the
company from time to time with the Securities and Exchange
Commission. Past performance is not necessarily indicative of
future results. The forward-looking statements included in this
press release represent Control4’s views as of the date of this
press release. The company anticipates that subsequent events and
developments may cause its views to change. Control4 has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. These forward-looking statements
should not be relied upon as representing Control4’s views as of
any date subsequent to the date of this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170228005363/en/
Control4 Press ContactCaster
CommunicationsKimberly Lancaster,
401-792-7080klancaster@castercomm.comorControl4 Investor Relations ContactMichael Bishop,
212-871-3953mike@blueshirtgroup.com
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